The Domino Effect: How Manchester’s Thriving Economy is Great News for the Property Market

//The Domino Effect: How Manchester’s Thriving Economy is Great News for the Property Market

The Domino Effect: How Manchester’s Thriving Economy is Great News for the Property Market


It has been revealed that Manchester’s flourishing job market is having a successful impact on more than just the local economy. The amount of new jobs being generated in the city means that Manchester is not only outpacing the job markets of other regional cities in the UK, it is also leading to a welcome boost for Manchester’s property market according to JLL. JLL is a leading professional services firm that specialises in real estate and investment management and they seem very impressed with the figures that Manchester is currently producing. In their annual North West market update report they reveal that Manchester has received the highest wage growth since 2008 and this in part may be down to the fact that the city is expected to have over 10,000 more office workers by 2021 than it did in 2018. The growth that the city has experienced and continues to experience is having a hugely positive impact on real estate and property, from residential buildings to house all the new workers to the office and industrial markets for new and existing businesses.

The North West market update report also exposes how for the last 15 years Manchester has retained the top spot for the expansion of office space in comparison to the six biggest regional cities which explains its continually successful local economy. In 2018, 1.75 million sq ft of office space was sold in Manchester which was a massive 54% increase on the 10-year average and it also had the greatest volume of inward investment deals compared to other cities such as Glasgow, Edinburgh, Leeds, Birmingham and more.

Head of Offices Research for the UK at JLL, Elaine Rossall, states that ‘when thinking of the UK’s strongest property markets, Manchester continues to be in a league of its own.’ She also went on to say that ‘job creation is at record levels and is spread across a range of sectors’ and that ‘commercial development is increasingly catering to occupier demand and this is translating into positive, continued growth across the other property markets.’ Rossall highlighted how these excellent figures are particularly exceptional when considered ‘against the backdrop of the UK economy’ as Manchester continues to ‘[buck] expectations’ even in the face of monumental events like Brexit.

The Lead Director of JLL for the North West, David Lathwood, also went on to say how ‘each year we look at the UK’s big six regional centres, it’s clear that Manchester isn’t just already outperforming other cities but that the opportunities in front of it are rich and diverse.’ He also reiterated that it’s ‘clear that Brexit uncertainty hasn’t had the same impact on occupier sentiment that it has in other areas of the country’ and that ‘the fact that we’ve had another record-breaking year of office take-up means the priority for the market now is ensuring that development rates can keep up.’

Manchester is continually recognised as a thriving component of the UK’s economy and the when we look at JLL’s report it is clear that the success has had a direct impact on many aspects of the city. Manchester continues to present itself as an attractive place to live and work leading to a continuous boom for the city’s property market and jobs and its success does not show signs of stopping anytime soon.

The Domino Effect: How Manchester’s Thriving Economy is Great News for the Property Market

It has been revealed that Manchester’s flourishing job market is having a successful impact on more than just the local economy. The amount of new jobs being generated in the city means that Manchester is not only outpacing the job markets of other regional cities in the UK, it is also leading to a welcome boost for Manchester’s property market according to JLL. JLL is a leading professional services firm that specialises in real estate and investment management and they seem very impressed with the figures that Manchester is currently producing. In their annual North West market update report they reveal that Manchester has received the highest wage growth since 2008 and this in part may be down to the fact that the city is expected to have over 10,000 more office workers by 2021 than it did in 2018. The growth that the city has experienced and continues to experience is having a hugely positive impact on real estate and property, from residential buildings to house all the new workers to the office and industrial markets for new and existing businesses.

The North West market update report also exposes how for the last 15 years Manchester has retained the top spot for the expansion of office space in comparison to the six biggest regional cities which explains its continually successful local economy. In 2018, 1.75 million sq ft of office space was sold in Manchester which was a massive 54% increase on the 10-year average and it also had the greatest volume of inward investment deals compared to other cities such as Glasgow, Edinburgh, Leeds, Birmingham and more.

Head of Offices Research for the UK at JLL, Elaine Rossall, states that ‘when thinking of the UK’s strongest property markets, Manchester continues to be in a league of its own.’ She also went on to say that ‘job creation is at record levels and is spread across a range of sectors’ and that ‘commercial development is increasingly catering to occupier demand and this is translating into positive, continued growth across the other property markets.’ Rossall highlighted how these excellent figures are particularly exceptional when considered ‘against the backdrop of the UK economy’ as Manchester continues to ‘[buck] expectations’ even in the face of monumental events like Brexit.

The Lead Director of JLL for the North West, David Lathwood, also went on to say how ‘each year we look at the UK’s big six regional centres, it’s clear that Manchester isn’t just already outperforming other cities but that the opportunities in front of it are rich and diverse.’ He also reiterated that it’s ‘clear that Brexit uncertainty hasn’t had the same impact on occupier sentiment that it has in other areas of the country’ and that ‘the fact that we’ve had another record-breaking year of office take-up means the priority for the market now is ensuring that development rates can keep up.’

Manchester is continually recognised as a thriving component of the UK’s economy and the when we look at JLL’s report it is clear that the success has had a direct impact on many aspects of the city. Manchester continues to present itself as an attractive place to live and work leading to a continuous boom for the city’s property market and jobs and its success does not show signs of stopping anytime soon.

Written by Rachael Gray.

Rachael Gray is a Director at Clifton Gray specialist property recruitment company. Rachael has recruited within the residential property industry for fifteen years. Follow Rachael on linkedin or email rachael@cliftongray.co.uk to discuss current Liverpool and Manchester property jobs, or to find out how Clifton Gray can secure the best talent for your property business.

2019-06-06T12:09:28+00:00 News|